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Core Scientific (NASDAQ: CORZ), a leading bitcoin mining and digital infrastructure company, reported weaker-than-expected fourth-quarter earnings, reflecting ongoing pressure across the crypto mining industry following the April 2024 bitcoin halving. The company posted Q4 revenue of $79.8 million for the period ended Dec. 31, down from $94.93 million a year earlier and significantly below analyst estimates of $122.08 million, according to LSEG data.
Core Scientific reported a net loss of $0.42 per share, wider than Wall Street expectations for a loss of $0.08 per share. The earnings miss underscores the challenges facing bitcoin miners as the halving event reduced block rewards by 50%, tightening margins across the sector. Rising network hash rates, higher energy costs, and increasing infrastructure expenses have further weighed on profitability, particularly for miners expanding capacity.
In response to industry headwinds, Core Scientific is accelerating its shift beyond traditional self-mining toward hosting and colocation services for high-performance computing (HPC) and artificial intelligence (AI) workloads. CEO Adam Sullivan said the company is scaling its colocation platform into a 1.5 gigawatt pipeline of leasable capacity, with multiple sites advancing toward ready-for-service milestones. As part of its expansion strategy, Core Scientific is entering Texas with an additional 430 megawatts of gross power capacity and adding roughly 300 megawatts across other regions to strengthen its digital infrastructure footprint.
CORZ stock fell 4.5% in after-hours trading following the earnings release.
Meanwhile, Riot Platforms (NASDAQ: RIOT) delivered strong fourth-quarter results. The bitcoin mining and data center development firm reported revenue of $647.4 million, up from $376.7 million a year earlier and well above analyst projections of $157.4 million. Shares of RIOT were flat in after-hours trading.
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